Average Daily Balance Method

Average Daily Balance Method,

Average Daily Balance Method Definition:

Average Daily Balance is a general accounting method that calculates interest expenses by calculating the balance at the end of each day of the accounting period, rather than the balance at the end of the week, month, or year.

  • Interest charges are calculated based on the total amount paid at the end of each day.
  • The average balance is credited to the customer's account as soon as the credit card company receives the payment.
  • For the average daily balancing method, the cost of interest should be less than the previous balancing method and less than the usual adjusting balance method.

Literal Meanings of Average Daily Balance Method

Average:

Meanings of Average:
  1. Achieved or achieved as an average rank or value in a given period.

  2. A number that represents the central or general value in a set of data, specifically the mode, median, or (most often) meaning value, which divides the sum of the values ​​in the set by their amount. Is calculated by

  3. Transfer of financial responsibility for damage or financial loss to the ship or its cargo.

  4. Sort the result by adding some quantity and then divide the amount by adding the quantity.

Sentences of Average
  1. 2.4% average annual inflation

  2. Household prices are twice the national average

  3. Special average means partial loss or damage to a ship, cargo or goods.

  4. The average temperature in May is 64 ° F

Synonyms of Average

midpoint, centre, middle, mean, medial, mode, median

Daily:

Meanings of Daily:
  1. The daily is published every day except Sunday.

  2. The first copies of the footage were quickly made for the producer or editor.

  3. Made, prepared or made every day or every working day

Sentences of Daily
  1. Diary

Synonyms of Daily

periodical, review, every day, done every day, day-to-day, retainer, produced every day, seven days a week, newsletter, occurring every day, everyday, gazette, professional organ, publication, quotidian, digest, magazine, bulletin, attendant, news-sheet

Balance:

Meanings of Balance:
  1. Keep something in a stable position to prevent it from falling.

  2. Comparing or comparing the value of (one thing) with another.

  3. Compare charges and credits on (accounts), often to make sure they are the same

  4. Even weight distribution allows a person or thing to stay upright and stable.

  5. A country where different subjects are the same or in the right proportions.

  6. Weighing equipment, especially with kingpins, blocks and scales.

  7. A balance or strength.

  8. Overweight or overweight

  9. A number that shows the difference between the amount of credit and debit in an account and the amount of money in the account.

Sentences of Balance
  1. Balanced cup on his knees

  2. The cost of obtaining this information should be weighed against the benefits.

  3. The law requires the board to balance its books annually.

  4. He lost his balance before he fell

  5. Try to strike a balance between work and rest.

  6. The atomic weight of an element that chemists can weigh on a scale depends on the number of protons and neutrons, which have about the same amount.

  7. Allow the centrifugal force to balance as both skates rotate to the left of the turn.

  8. Your opinion is that work is more important than time

  9. You have created a healthy balance in your savings account.

Synonyms of Balance

fairness, appraise, consider, weigh up, juxtapose, contrast, stabilize, ballast, set side by side, egalitarianism, steadiness, equipoise, counterweight, recompense, weighing machine, discriminate, stability, assess, balance, weighbridge, footing, scales, equilibrium, evaluate, differentiate

Method:

Meanings of Method:
  1. A special process for acquiring or dealing with something, especially an organized or established process.

Sentences of Method
  1. How to restore software

Synonyms of Method

medium, process, means, procedure, method of working, system, routine, mechanism, practice, modus operandi, formula, technique